The price is forming the new bottom. Above we have a consolidation cloud. It's a now.
Let's take a look on the first possible scenario. The price will make a new bottom and will go to the , and then, the downward movement will continue.
And the second scenario is based on the fact, that we will break through the , and then go up to the grey . If the movement will strong, we can expect the price at (1763) as well, but, I think, the grey line will stop the movement and the price will correct.